Midtown Manhattan
* The leasing market remains stable, with the Class-A occupancy rate at 89.3% (factoring in space available for sublease). The tightest market, Midtown South, has a 93.5% occupancy rate.
* German funds continue to take a hard look at high-end properties, but are put off by aggressive bidding that often results in yields of less than 7%. Some funds may seek higher yields by bidding on properties with vacancies or pending lease expirations.
On the Market Seller
750 Third Avenue, Teachers Insurance
485 Lexington Avenue
Manhattan Mall (mixed use) Lehman Brothers, Argent Ventures
125 Park Avenue GE Captial Advisors
135 West 50th Street Laszlo Tauber Estate
Hit SF
On the Market Market (000)
750 Third Avenue, January 1685
485 Lexington Avenue
Manhattan Mall (mixed use) February 976
125 Park Avenue January 656
135 West 50th Street February 805
Estimated Value
On the Market ($Mil.) (Per SF)
750 Third Avenue, $500 $296
485 Lexington Avenue
Manhattan Mall (mixed use) 425 435
125 Park Avenue 175 267
135 West 50th Street 161 200
On the Market Broker
750 Third Avenue, Cushman & Wakefield
485 Lexington Avenue
Manhattan Mall (mixed use) Eastdil Realty
125 Park Avenue Studley
135 West 50th Street Eastdil Realty
Recent Deals Buyer
111 Eighth Avenue (75% stake) Jamestown
1540 Broadway Paramount Group
1185 Avenue of the Americas Reckson Associates
885 Third Avenue Tishman Speyer, N.Y.C. Employees
1775 Broadway (90% stake) Joseph Moinian
530 Fifth Avenue Chetrit, Moinian, Werner
SF
Recent Deals Closed (000)
111 Eighth Avenue (75% stake) (Pending) 2,900
1540 Broadway (Pending) 1,100
1185 Avenue of the Americas January 1,055
885 Third Avenue (Pending) 587
1775 Broadway (90% stake) January 625
530 Fifth Avenue (Pending) 414
Sales Price
Recent Deals ($Mil.) (Per SF)
111 Eighth Avenue (75% stake) $581 $267
1540 Broadway 425 386
1185 Avenue of the Americas 321 304
885 Third Avenue 235 400
1775 Broadway (90% stake) 225 400
530 Fifth Avenue 210 507
Recent Deals Broker
111 Eighth Avenue (75% stake) Eastdil Realty
1540 Broadway (None)
1185 Avenue of the Americas Eastdil Realty
885 Third Avenue CB Richard Ellis
1775 Broadway (90% stake) (None)
530 Fifth Avenue Eastdil Realty
COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2004 Gale Group
